Martin Lewis has revealed just how damaging the rise in the energy price cap will be as he broke down the figures.
Ofgem has confirmed an 80.06% rise in the energy price cap, sending the average household's yearly bill from £1,971 to £3,549 from October. The cap will come into effect for around 24 million households in England, Scotland and Wales on default energy tariffs on October 1, and will remain in place until December 31, when it will be adjusted again.
The 4.5 million pre-payment meter customers, who are often the most vulnerable and already in fuel poverty, will see an even more punishing increase, with their average annual bill set to go up to £3,608.
READ MORE: Energy price cap: Which appliances use the most electricity?
Sharing the numbers on his Facebook page, Martin Lewis revealed the increase in price of electricity and gas. Martin said: "1 OCT NEW ENERGY PRICE CAP.
"Avg (it varies by region) Direct Debit Rates. Overall up 80% Electricity: Daily standing charge was 45.3p now 46.3p, Unit rate kWHwas 28.3p now 51.8p.
"Gas: Daily standing charge was 27.2p now 28.4p, Unit rate per kWh was 7.4p now 14.8p (Ie you pay £273/yr before any energy use)."
The consumer champion said the situation is a "genuine social and financial catastrophe that is putting lives at risk", as he predicted a further 51% rise in January.
Martin told BBC Radio 4's Today Programme: "I've been accused of catastrophising over this situation. Well, the reason I have catastrophised is this is a catastrophe, plain and simple.
"If we do not get further government intervention on top of what was announced in May, lives will be lost this winter."
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